Mumbai, Sept. 24 -- The proposed joint venture will be incorporated under the name First Forge Technology Inc., with IF and FB each holding a 50% stake. Both companies will have the right to nominate two directors each to the JV's board. Under the agreement, IF will acquire its 50% stake through license of certain specified intellectual property, technology and know-how. FB will contribute cash for its 50% stake.

The new entity will focus on licensing, designing, manufacturing, assembling, marketing, and selling specific ideaForge Technology Inc. unnamed aerial vehicles (UAVs), leveraging IF's tech and FB's infrastructure and market access.

Ideaforge Technology (ideaForge) is the pioneer and the pre-eminent market leader in the Indian u...